Nangia Andersen LLP in News: Indian Alternate Investment Funds—Application of Anti-Money Laundering Law- An insightful piece by Suraj Nangia

admin

As a member of FATF and in accordance with the recommendations of FATF, India introduced anti-money laundering Act a few years back. The Indian regulator SEBI accordingly issued directions to all intermediaries (Reporting entities) to comply with the said law and report various categories of suspicious transactions to Financial Intelligence Unit (FIU). Our Partners, Sunil Gidwani and Suraj Nangia write an exclusive piece on Indian Alternate Investment Funds—Application of Anti-Money Laundering Law…

Read More

PERSONAL TAX: Tax deduction on municipal tax only on let-out property – Suraj Nangia

admin

Suraj Nangia, Partner answers the queries with regard to personal tax for DNA.  http://www.dnaindia.com/personal-finance/report-personal-tax-tax-deduction-on-municipal-tax-only-on-let-out-property-2640867  Queries – I am a retired person living in my own house. I file filling ITR every year. I paid Rs 2,800 municipal tax (property tax). Can I deduct the same amount from income from house property? I donated money to two charitable organisations-one is a hospital and one is a trust that runs a school. Can I claim…

Read More

Budget 2018 Modi govt. to give more income tax relief- Suraj Nangia

admin

In what is widely expected to be a populist Budget, the government is likely to offer taxpayers some relief by levying personal income tax (PIT) only for those earning incomes above Rs 3 lakh per annum. Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers. Attached is link to the article – http://www.financialexpress.com/money/income-tax-returns-itr-filing-if-your-tax-dues-are-over-rs-10000-here-is-what-you-should-do/1015184/  

Read More

Joint development agreement and what triggers income tax liability- Suraj Nangia

admin

Joint Development Agreements (JDA) are prevalent in India as they are beneficial both for the owner and the developer. The owner gets a better built house and the developer gets his remuneration either in the form of a part of the building or money. Under a typical joint development agreement, land owner contributes his land and enters into an arrangement with the developer to develop and construct a real estate…

Read More

SOCIAL SECURITY COMPLIANCE IN INDIA: ONE-TIME OPPORTUNITY FOR DEFAULTING EMPLOYERS!

admin

The Employees’ Enrolment Campaign, 2017 (“PF Campaign”) has been introduced to encourage employers who have defaulted in making provident fund (“PF”) contributions (which also includes pensions), to voluntarily enroll their employees under the Employees’ Provident Fund Scheme, 1952 (“PF Scheme”) without incurring any legal liabilities. However, Such benefit under the PF Campaign shall apply only with respect to employees who are Indian nationals and does not apply to international workers….

Read More